Gazprom likely to default on payment, says Fitch news agency

Fitch on Saturday downgraded the debt rating of 28 Russian natural resource groups and said "

."

The rating agency downgraded the rating of gas giant Gazprom, oil company Lukoil, mining companies Rusal, Polyus, Evraz and 23 other resource-related companies from B to "CC mainly", meaning it is "

" that these companies will not honor their financial commitments.

The ratings of Gazprom and Lukoil had also been downgraded this week by Moody's, another rating agency, to a level indicating a very high risk of non-reimbursement.

Read alsoThe risk of a Russian default is “imminent”, according to the Fitch agency

For the rating agency, the authorization given by the Russian government to reimburse in ruble the debts contracted with countries which appear on a list of “hostile” countries could compromise the ability of these companies to pay their creditors on time.

This list includes, among others, the countries of the European Union, Australia, the United Kingdom, Canada, Monaco, South Korea, the United States, Switzerland and Japan.

Read alsoThe S&P agency downgrades Russia after the invasion of Ukraine

Fitch further adds that "

”.